SGR: ASX Star to keeps the light on after last-minute deal

He said he would not like to see the company go into liquidation “for the people’s sake”. “To me, it has been a disaster dealing with the management of Star and I think … there is no doubt the board should be blamed for how bad it is,” he told ABC Radio Brisbane. “What we would want to see is the government work to make that process as quick as possible, while still ensuring that any new operator is compliant with the regulations and the legislation.” He said the government would also need to move quickly to approve a new operator should there be a sale. Mr Jones said in the event Star did go into administration the union would want the state governments to work quickly with the administrator and existing lenders to ensure the administration was funded and the doors stayed open.
Star had previously inked a deal to sell its Brisbane assets to its Hong Kong joint venture (JV) partners. He said the deal being in doubt meant the casino operator, again, could faced the prospect of bankruptcy. In a statement to the Hong Kong stock exchange, Far East Consortium said Star must repay $10 million to the parties within 30 days of the termination, and high‑stakes influencer program failing that, it must transfer its third stake in the Gold Coast hotel project. The group’s joint venture partners have threatened to walk away from the agreement struck to sell its stake in the Queen’s Wharf online casino Australia secure wallet and Hotel Cecil review complex.
The fact that it hasn’t suggests the board and its advisers are engaged in the same hunting expedition as everyone else – attempting to dig out details on this new mysterious investor who is now Star’s second-largest shareholder. In an update posted to the ASX on Monday night, Star has confirmed it has agreed to a $300 million rescue package with American casino and gaming group, Bally’s. Star — which owns casinos in Brisbane, the Gold Coast and Sydney and employs more than 9,000 people — has warned for months it could fall into administration if a financier was not found.
The ECB lowered its 2025 economic growth forecast for the fourth straight time on Thursday, putting expansion in 2025 at just 0.9, only slightly above the 0.7% pace recorded last year. Easing for the sixth time since June, the ECB lowered its deposit rate to 2.5% in a nod to slowing inflation and faltering growth, and said that rates were still restricting growth, even if less so than in the past. “It is out of step with community expectations and other essential services sectors like energy,” Ms Tonkin said.
The report by the New South Wales Independent Casino Commission (NICC) concluded the operator had not sufficiently addressed the “governance and cultural concerns” highlighted in a 2022 inquiry that initially found it unfit for licensing. The company’s decision to get out of Brisbane and focus on the Gold Coast and Sydney was driven by necessity, and a shift in its direction. The hit to one of Australia’s largest builders makes it another casualty of the ambitious – and financially disastrous – pet project of Star Entertainment.
In the absence of one or more of those arrangements, there remains material uncertainty as to the Group’s ability to continue as a going concern,” Star said. Star Entertainment will sell its stake in the new Queen’s Wharf Slotimo crypto casino loyalty program and entertainment complex in Brisbane, a deal that will give the company enough cash to stave off collapse for several months. Strict new gambling rules and fewer tourists at the casino operator’s flagship Sydney establishment have pushed the company into a loss for the past three months. The largest shareholder of the pubs and bottle shop giant said it wants more say in the company’s strategy ahead of new CEO Jayne Hrdlicka’s arrival. The Star Entertainment Group Limited is currently rated five stars by our Analyst Rating and trades at 0.4 of its price to fair go casino nominations value on a $0.27 share price (as at 1st October 2024). On the other hand, Star continues to face potential operational risk at its Queensland facilities. This stems from material uncertainty around the considerable Australian casino live dealer rooms free play Transaction Reports and Analysis Centre (“AUSTRAC”) fine after alleged non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.